GBP futures: upside appears limited

GBP futures markets noted open interest rose by nearly 5.5K contracts on Wednesday from Tuesday’s final 202,965 contracts, according to flash data from CME Group. Volume, instead, shrunk after two consecutive advances by almost 64K contracts.

GBP/USD faces strong resistance around 1.3300

The current rally in Cable stays supported by rising open interest although yesterday’s important drop in volume hints at the probability of a correction lower in the short-term horizon. On the upside, recent multi-month tops beyond 1.3300 the figure emerges as a strong hurdle to overcome.